David Duckworth was retained by ownership to spearhead the sale. CLICK ON THE HEADLINE FOR MORE
An investor has purchased a Fort Lauderdale office park and land from Stockbridge for $43 million. CLICK ON THE HEADLINE FOR MORE
Avison Young has been named the exclusive listing agent to market and sell the 52,960-square-foot office building located at 1725 North Commerce Parkway in Weston.
David Duckworth, Principal, Investment Sales, with Avison Young, was retained by ownership to spearhead the sale.
“Southwest Broward County’s office leasing activity continues to accelerate with mid-year 2016 reports showing decreasing vacancy rates, currently at 14.6 percent. As vacancy is absorbed, we are seeing rental rate growth outpacing inflation, growing over 2 percent annually since 2013,” said Duckworth. “These market trends, coupled with the long-term credit tenant in place and recent renovations completed, make 1725 North Commerce Parkway an amazing investment opportunity.”
Recent renovations include a new roof, a new back-up generator, exterior paint, and class A finishes.
In 2Q2015, Avison Young secured the long-term lease with the current tenant, a national vendor of technology-enabled, end-to-end payment health plan solutions for organizations, taking the last available contiguous office space over 50,000 square feet off the market in Weston. In 2Q2016, Avison Young was named the exclusive firm to manage the property.
Investor Yoav Merary just paid $43 million to buy the Cypress Park West I & II office campus in Fort Lauderdale, plus a spit of adjacent land, from the Stockbridge Capital Group.
In two separate deals, Merary bought both the office campus at 6700-6750 North Andrews Avenue, as well as a small chunk of nearby vacant land along Cypress Creek Road, according to county records.
For the larger of the two sales, Merary used an LLC called CPN West to buy the office park, which houses about 225,000 square feet of rentable space and a six-story parking garage with 350 spaces. That deal broke down to about $189 per leasable square foot.
Data from the CoStar Group shows asking rents average $18 per square foot and the buildings were more than 95 percent occupied at the time of their sale. One of the largest tenants is Microsoft, taking up 43,675 square feet, and shared workspace provider Regus, which 22,547 square feet.
The larger deal also includes 6.2 acres of vegetated land right behind the offices.
In the smaller deal, Stockbridge sold a separate parcel of land measuring just under 1.5 acres to F Land LLC, another company managed by Merary.
Merary financed the deals with a $29.25 million loan from Benefit Street partners CRE Finance, a lending arm of asset manager Providence Equity, county records show.
Stockbridge had purchased both the offices and land for $32.95 million and $800,000, respectively. That purchase broke down to $146 per rentable square foot.
Merary is the same investor who flipped a two-story apartment building in Surfside to the Chateau Group for $6.2 million last year. That property is now part of Chateau’s extensive holdings in the oceanfront city.
Source: The Real Deal
Avison Young Engaged To Sell Weston Office Building
/in News/by SFOBA STAFFDavid Duckworth was retained by ownership to spearhead the sale. CLICK ON THE HEADLINE FOR MORE
Another Fort Lauderdale Office Asset Changes Hands
/in Done Deals, News/by SFOBA STAFFAn investor has purchased a Fort Lauderdale office park and land from Stockbridge for $43 million. CLICK ON THE HEADLINE FOR MORE